Globe Banner Reports News
China files WTO complaint against Türkiye over vehicle import measures
By Globe Banner | Oct 11, 2024
China has initiated a dispute complaint against Türkiye regarding measures on vehicle imports. The measures in question include additional duties on electric vehicles, an import certificate requirement, and additional duties on other types of vehicles, as well as investment certificate exemptions. China claims these measures appear to be inconsistent with various provisions of the General Agreement on Tariffs and Trade 1994 and the Agreement on Trade-Related Investment Measures.
World Bank forecasts stronger growth for South Asia amid challenges
By Globe Banner | Oct 10, 2024
The World Bank has released its latest economic outlook, focusing on the growth prospects for South Asia and analyzing how the region can capitalize on the green energy transition. According to the report, growth in South Asia is anticipated to surpass previous expectations, marking a broad-based upturn that outpaces other emerging market and developing economies.
World Bank urges Maldives to implement urgent economic reforms amid rising vulnerabilities
By Globe Banner | Oct 10, 2024
The Maldives is facing significant economic challenges that require immediate and comprehensive reforms, according to the World Bank's latest country economic update. The report, titled "Maldives Development Update: Seeking Stability in Turbulent Times," highlights vulnerabilities in the country's fiscal and external sectors.
World Bank urges reforms for sustained recovery in Pakistan
By Globe Banner | Oct 10, 2024
Pakistan's economy is showing signs of stabilization following a recent economic crisis, with growth reaching 2.5 percent in the fiscal year ending June 2024, according to the World Bank's latest country economic update. The report, titled "The Dynamics of Power Sector Distribution Reform," highlights improvements in agricultural output, lower inflation, prudent macroeconomic measures, and reduced political uncertainty as factors contributing to this recovery.
World Bank urges reforms as South Asia's economic growth exceeds expectations
By Globe Banner | Oct 10, 2024
Growth in South Asia is anticipated to rise to 6.4 percent this year, surpassing earlier predictions and positioning the region as the fastest-growing globally. The World Bank's latest regional outlook suggests that increasing women's participation in the workforce and enhancing global trade and investment could further accelerate growth.
World Bank advises fiscal measures as Sierra Leone faces slower growth
By Globe Banner | Oct 10, 2024
Sierra Leone's economy grew by 5.7% in 2023, surpassing expectations, largely due to strong performance in the mining sector. However, a new report from the World Bank forecasts a slowdown to 4.3% growth in 2024, attributed to declining iron ore prices. The Sierra Leone Economic Update, released today, presents a cautiously optimistic medium-term outlook with growth anticipated to recover to its long-term average of 4.6%. This recovery is expected to be driven by a resurgence in the service sector, improved agricultural productivity, robust mining activity, and ongoing fiscal...
World Bank reports on Sri Lanka's stabilized economy amid ongoing reforms
By Globe Banner | Oct 10, 2024
Sri Lanka's economy is showing signs of stabilization, with growth projected to reach 4.4 percent in 2024, according to the World Bank. This forecast surpasses earlier predictions and follows four consecutive quarters of growth driven by the industrial and tourism sectors. The positive outlook has been supported by critical structural and policy reforms.
World Bank issues SEK 3 billion bond supporting sustainable development goals
By Globe Banner | Oct 10, 2024
The World Bank has issued a Swedish krona-denominated bond, raising SEK 3 billion. The bond, which matures on October 10, 2034, was placed with Nordic investors and offers an annual coupon of 2.5%. Nordea Bank Abp acted as the lead manager for this transaction.
World Bank: Greater investment crucial as Pacific economy slows
By Globe Banner | Oct 10, 2024
The World Bank's October 2024 Pacific Economic Update offers a comprehensive evaluation of the economies in several Pacific nations, including the Federated States of Micronesia, Fiji, Kiribati, and others. This report is the first post-pandemic analysis to provide fresh insights into investment trends and forecasts for the region.
World Bank coordinates donor financing mechanisms to aid Ukrainian recovery
By Globe Banner | Oct 10, 2024
Since the Russian invasion in February 2022, the World Bank Group has been instrumental in providing essential financing to support Ukraine. This assistance comes through various mechanisms such as trust funds, financial intermediaries, guarantees, and co-financing aimed at sustaining public services, rebuilding infrastructure, and supporting private sector initiatives.
World Bank funds Philippine project for improved broadband connectivity
By Globe Banner | Oct 10, 2024
The World Bank has approved funding of EUR 268.22 million (US$287.24 million) for the Philippines Digital Infrastructure Project, which aims to enhance broadband connectivity across the country. This initiative is expected to benefit over 20 million Filipinos by improving internet access and infrastructure.
WTO reports gradual recovery in global merchandise trade
By Globe Banner | Oct 10, 2024
The World Trade Organization (WTO) has released its October 2024 update on the "Global Trade Outlook and Statistics," highlighting a 2.3% year-on-year increase in global merchandise trade for the first half of 2024. This growth follows a -1.1% decline in 2023, which was influenced by high inflation and rising interest rates. The WTO anticipates moderate expansion in trade through the rest of the year and into 2025, with world real GDP growth expected to remain steady at 2.7% during this period.
World Bank report outlines challenges for Mongolia amid global shift from coal
By Globe Banner | Oct 10, 2024
Mongolia is facing significant challenges from climate change and the global transition to a low-carbon economy, according to a new report by the World Bank Group. The Mongolia Country Climate and Development Report (CCDR) highlights the need for urgent actions to enhance climate resilience while reducing reliance on coal, a major economic driver.
NCUA Chairman addresses Citadel Federal Credit Union's redlining settlement
By Globe Banner | Oct 10, 2024
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
WTO explores new strategies for advancing stalled agricultural trade talks
By Globe Banner | Oct 10, 2024
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, expressed optimism about advancing farm trade talks following an initiative by Ambassador Alparslan Acarsoy of Türkiye. The initiative outlines two options to move the negotiations forward.
Preqin announces rapid growth in India’s private debt funds
By K. R. Nelson | Oct 10, 2024
Preqin has released a report highlighting the rapid growth of India's private debt funds, with assets under management rising from $0.7 billion in 2010 to $17.8 billion by 2023. This marks a significant outperformance compared to other asset classes in India.
Ecuador joins global effort against harmful fisheries subsidies
By Globe Banner | Oct 9, 2024
Ecuador has formally accepted the Agreement on Fisheries Subsidies, becoming one of 84 World Trade Organization (WTO) members to do so. The agreement, which aims to curb harmful fisheries subsidies, was adopted at the WTO's 12th Ministerial Conference in June 2022. It will come into effect once two-thirds of the membership have accepted it.
Guidelines issued for domestic employee visas linked to employer's immigration status
By Globe Banner | Oct 9, 2024
B-1, A-3, and G-5 visas are designated for domestic employees accompanying their employers on temporary visits or assignments to the United States.
Fulbright celebrates 30 years in Slovakia with reflections on achievements
By Globe Banner | Oct 9, 2024
Ambassador Javorčík, Ambassador Mlynár, colleagues from the Fulbright Commission in Slovakia, Fulbright alumni, and distinguished guests gathered to celebrate the 30th anniversary of the Fulbright Commission in Slovakia.
WTO fish fund steering committee advances towards full operationalization
By Globe Banner | Oct 9, 2024
The recent WTO Fish Fund Steering Committee meeting concentrated on preparing for the full operationalization of the Fish Fund. The gathering included key stakeholders working towards supporting developing and least-developed country members in implementing the Agreement on Fisheries Subsidies.